Guo You, Chairman of the Board of Supervisors of China Construction Bank (CCB), today rang the market-opening bell to celebrate the listing of a 1.2 billion US dollar bond on Nasdaq Dubai, the region’s international financial exchange.

The listing by the Hong Kong Branch of CCB, one of China’s leading banks, underlines the country’s growing financial activities in the UAE and the wider region. CCB’s market capitalisation reached 192.6 billion US dollars at the end of 2016, the fifth highest of any bank in the world, and it has branches and subsidiaries in 29 countries.

It is the second bond listing by the Hong Kong Branch of CCB on Nasdaq Dubai under the bank’s six billion US dollar Medium Term Note Programme, following a 600 million US dollar bond that listed on the exchange in October 2016.

The bell ceremony took place in the presence of His Excellency Essa Kazim, Governor of Dubai International Financial Centre (DIFC)and Chairman of Dubai Financial Market (DFM); Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai; Hamed Ali, Chief Executive Officer of Nasdaq Dubai; and senior China-based as well as Dubai-based representatives of CCB.

Guo You, Chairman of the Board of Supervisors of CCB HO, said: “The capital raised through our bond supports our growing commercial banking and other activities in the UAE, the Middle East and beyond, under the "Belt and Road" initiative. Nasdaq Dubai provides us with close links to investors around the world as well as a top class regulatory framework, as we rapidly expand our regional financial footprint from our offices in the DIFC.”

CCB’s total assets reached RMB21,695 billion at the end of March 2017, an increase of 3.49%, from the end of 2016.

His Excellency Essa Kazim, Governor of DIFC and Chairman of DFM, said: “Dubai is committed to expanding its economic links with China in order to support dynamic cross border business initiatives and promote mutual prosperity and development. The capital markets are one of the many areas in which our relationship is strengthening, and we will continue to enhance our exchange infrastructure to support the business needs of Chinese institutions.”

Bilateral trade between the UAE and China rose to more than 50 billion US dollars in 2016, with China carrying out more trade with the UAE than any other nation.

Abdul Wahed Al Fahim, Chairman of Nasdaq Dubai, said: “Building on our substantial experience of welcoming successful listings from Chinese entities, we look forward to welcoming many more issuances from China in support of their capital raising requirements. The exchange will continue to enhance its listing processes and framework in order to provide a responsive and efficient listing venue.”

Hamed Ali, Chief Executive Officer of Nasdaq Dubai, said: “As one of China’s largest and most prominent banks, with significant activities in the UAE and the wider region including loans, trade finance and other corporate banking services, CCB is a valued issuer on Nasdaq Dubai. We will further strengthen our ties with issuers from China as they expand their operations in the regions by offering a full range of pre- and post listing services in a supportive environment.”